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Reserve Banks, the Discount Rate Recommendation, and FOMC Policy

Geoffrey Tootell ()

Southern Economic Journal, 2000, vol. 66, issue 4, 957-975

Abstract: In the United States, private citizens play little direct role in policymaking. The directors of the boards of the regional Federal Reserve banks are an apparent exception to this rule. These directors recommend changes in the discount rate, although the Board of Governors decides whether to act on the recommendations. These directors would have greater influence if they affected the FOMC votes of their district bank presidents. This paper shows that the FOMC votes of the regional bank presidents are strongly correlated with the discount rate recommendation of their bank’s board. Several alternative explanations for the correlation are then examined.

Date: 2000
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